I wouldn't count on lower TDP (power/heat). They will just cram more into the chips and it ends up being just as power hungry (or more).. but obviously perf/watt would go up by a lot.
This depends on your needs.
If you buy with a specific resolution in mind, then yes, you'll certainly be able to get the same or better performance at a lower price and lower TDP.
example: 4850 --> 5770
faster (not a ton, but faster in every way), cheaper, lower TDP.
Of course if you compare a given price point, they'll keep TDP and price similar and it'll be a faster card. But if you're buying for performance at a specific res, it often doesn't make sense to go too much faster. We haven't seen games that are really slowing cards down much recently, we've just seen resolution go up and up and up. Used to be the big res was 1280x1024 or 1600x1200. HD came around and it grew to 1920x1080. Now 2560x1600, but that's only 30 inch monitors? It's growing to the point where you can't get bigger without having to move your head around.
This is why they might drag their feet a bit, It's getting to the point where you need to spend $1000 on display(s) to go with your $500+ video card to even use it's capabilities. The push to higher resolution is shrinking the market by increasing price of display + card. At least until they start significantly increasing actual resolution (dpi) and you can get 2560x1600 on a more sane screen size like 24". As entrenched as the world is with "1080p", I don't see that happening soon though.